April 18 (Reuters) - National Australia Bank Ltd (NAB) :
- NAB ANNOUNCES ADDITIONAL COSTS FOR CUSTOMER REMEDIATION MATTERS
- ADDITIONAL CHARGES OF $525 MILLION AFTER TAX IN CONNECTION WITH INCREASED PROVISIONS FOR ITS CUSTOMER-RELATED REMEDIATION PROGRAM
- EXPECTED TO REDUCE 1H19 CASH EARNINGS BY AN ESTIMATED $325 MILLION AND EARNINGS FROM DISCONTINUED OPERATIONS BY AN ESTIMATED $200 MILLION
- OF 1H19 CHARGES, APPROXIMATELY 91% ARE FOR WEALTH RELATED MATTERS, WITH REMAINDER FOR BANKING
- SINCE JUNE 2018, CO MADE ABOUT 360,000 PAYMENTS TO CUSTOMERS WITH A TOTAL VALUE OF ABOUT $145 MILLION
- THERE ARE NOW AROUND 350 PEOPLE DEDICATED TO REMEDIATING CUSTOMERS; WILL SOON HAVE AROUND 500 ACROSS NAB FOR THE PURPOSE
Source text: http://bit.ly/2v93bvl
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News: NAB NAB Announces Additional Costs Of A$525 Mln For Customer Remediation Matters
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